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In a nutshell

Bizfi At a Glance

Overview

Best for?

Loan Features

The Application Process

Loan Terms &ndash; Loan Choices

Repayment Terms

How Safe is It?

Help &amp; Support

Summary

Physical Address

Bizfi Review

ByDerek PorterFeb. 18, 2019

In a Nutshell

This online marketplace offers customers the change to compare loans and lenders with technology experts, helping small and mid-sized businesses receive funding in as little as 1 business day. Bizfi has a broad range of loan types and terms, with an easy-to-meet pre-approval process.

Overview

Bizfi, formerly operating as Merchant Cash & Capital, offers customers an automated and transparent, online business financing marketplace. Bizfi is currently operated by a team of financial and technology experts with decades of combined experience in delivering financing solutions. Though the company does offer its own short-term financing solutions, Bizfi also helps small businesses with unique demands find the right loan through 1 of several trusted lenders. The online marketplace includes a quick prequalification process and matching system that helps businesses receive funding in as little as 1 business day.

Best for?

For companies that require financing but may not meet an institutional lender’s stringent approval requirements, Bizfi may be the right fit. The institution’s services are designed to offer businesses the right financing solution for their specific needs and conditions. While some competitors specialize in certain loan types, Bizfi offers customers both short- and medium-term loans, as well as other financing options designed for borrowers without great credit. With relatively easy-to-meet pre-approval requirements, most businesses will find some sort of funding even if they have been turned down by institutional lenders. Bizfi’s own short-term loan services are geared towards this same demographic, offering a fast and affordable solution to cover shortfalls in revenue.

Loan Features

Unlike many other online lending marketplaces, Bizfi presents a hybrid model for business loans. While working to connect lenders to borrowers for a variety of financing alternatives, Bizfi also offers an in-house lending solution for customers seeking short-term funding.

In Bizfi’s marketplace, customers can discover medium-term loans, equipment financing, invoice financing, business lines of credit, and other more specialized solutions such as franchise or medical financing. The broad range of loan terms, amounts, and rates offered through Bizfi’s lender network is also quite impressive. Companies can find the funding alternative they need at comfortable repayment terms and rates. Additionally, Bizfi’s services do not have a high requirement for approval, making it easier for business owners that are still improving their credit to access funding.

Bizfi Highlights:

Short- or long-term financing solutions

A wide variety of loan options for various business needs

A range of loan repayment terms and amounts

Short-term loans available directly from Bizfi

Get matched with up to 7 lenders, instantly

Fast and painless pre-approval application

Easy-to-reach customer support

Specialized financing solutions

The Application Process

Getting started with Bizfi only takes a few minutes. The company’s application process is divided into 2 sections: pre-approval and closing a loan. Bizfi works with customers throughout the process to ensure they uncover the financing solution that is most likely to receive approval.

The initial prequalification process only takes a few minutes and is the same process for every application. Borrowers must fill out a form on Bizfi’s website. For business borrowers who have already registered with one of the company’s partners, the process can be expedited as information can be gathered automatically.

To receive pre-approval, companies must be operational for a minimum of 3 months prior to requesting financing, while reporting a minimum of $10,000 in revenues per month. Once the pre-approval process is complete, customers are matched with a variety of financing options. After choosing an option, borrowers will be requested to submit documentation as required by their chosen lender. Following the loan application approval, funds can be disbursed in as little as 1 day, depending on the financing option chosen.

Loan Terms – Loan Choices

When it comes to finding a financing solution, Bizfi offers borrowers a large variety of choices. Bizfi’s short-term financing loans even feature a funding time as short as 24 hours, with loan amounts between $3,000 to $500,000. While Bizfi originates these loans, they also offer businesses access to a wide network of loan providers able to deliver financing alternatives.

Bizfi’s marketplace model provides the following loan options for business borrowers:

Medium-term loans starting at $25,000 and up to $500,000

Small Business Administration loans that start at $5,000 and can reach as high as $350,000

Equipment financing for leasing and purchasing as high as $1 million

Invoice financing for receivables of up to $100,000

Lines of credit up to $100,000 that can be funded in as little as 1 day

Medical financing for clinics and private practices that stretch as high as $500,000

Franchise financing for business owners looking to stabilize or expand their businesses, with amounts up to $1 million per franchise location

Bizfi hosts an impressive range of choices when it comes to finding the right combination of financing designed to help a business reach its growth goals. The quality of the company’s matching system is impressive. Upon completion of the initial application, you can be matched with a host of different alternatives featuring unique terms, rates, and amounts. For businesses in a less advantageous financial situation, Bizfi is prepared to offer borrowing choices as well. The variety of financing options available means that business owners with poor credit can readily access the funds necessary to continue growing their enterprises.

Repayment Terms

While rates will vary depending on the business and may change from lender to lender, Bizfi offers multiple choices for repayment terms. Short-term financing and lines of credit offer the quickest repayment timeframes—3 and 6 month terms respectively. Bizfi’s other lending solutions have terms as short as 1 year, but offer differing lengths when it comes to loans with more longevity. The longest available terms are for SBA loans which can stretch as far as 10 years. In terms of payment frequency, most loan alternatives offer bi-weekly or monthly payments, with the exception of short term financing which features daily repayment.

How Safe is It?

Bizfi puts significant effort towards protecting customer data. They collect both identifiable and non-identifiable information from customers, but are transparent as to how this data is collected. Furthermore, Bizfi is very clear about how this data is used, which includes providing services to customers and marketing efforts. Bizfi only shares information with third parties in order to fully extend services to clients. The company utilizes industry standard security measures to protect customers’ data, including both electronic and physical safeguards that ensure data is always secure.

Help & Support

Customers can reach Bizfi via an email claim on the website or through a toll free number. The support services are well rounded, offering a team of expert support agents that were knowledgeable and courteous when it came to answering our queries. Wait times for both calls and emails were relatively short and the company offers extensive information resources on its website. These include a useful FAQ section, a series of infographics, insightful articles, and financial calculators that help customers understand the potential impact of a loan on their business.

Summary

Customers looking for a variety of financing options will likely find Bizfi’s blend of marketplace and lender, appealing. The short-term financing alternative is an ideal solution for businesses with poor credit looking to catalyze growth. The multiple alternatives offered through Bizfi’s marketplace make them attractive to all businesses. With excellent repayment terms and loan amounts available, Bizfi is a good option for funding that won’t leave a lasting impact on a company’s bottom line. Excellent support and informational services make Bizfi a well-rounded and strong choice when it comes to business financing.

This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the rating that is assigned to them. To the extent that ratings appear on this site, such rating is determined by our subjective opinion and based on a methodology that aggregates our analysis of brand market share and reputation, each brand's conversion rates, compensation paid to us and general consumer interest. Company listings on this page DO NOT imply endorsement. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

Designed to help users make confident decisions online, this website contains information about a wide range of products and services. Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Though based on meticulous research, the information we share does not constitute legal or professional advice or forecast, and should not be treated as such.